Walmart and Green Dot will collectively create a new financial technology accelerator, which is named Tailfin Labs. Tailfin Labs was created to join the worlds of retail and consumer-focused financial technology. The new agreement for Walmart and Green Dot will officially start at the beginning of 2020. The two companies first entered into a partnership in 2006 to create the Walmart MoneyCard.
The Green Dot CEO, Steve Streit, stated that between Walmart's retail expertise and Green Dot's BaaS platform, the two organizations should be poised for success.
The new accelerator is positioned as a modern financial service, with a user-friendly mobile interface. As more people are moving away from traditional banking services, Walmart and Green Dot's new service could interest consumers seeking accessibility and convenience.
Financial Technology Accelerators
Walmart and Green Dot Collaborated to Create Tailfin Labs
Trend Themes
1. Retail-focused Financial Technology - There is an opportunity for other retailers and financial institutions to collaborate and create user-friendly financial technology solutions that appeal to consumers seeking accessibility and convenience.
2. Financial Technology Accelerators - There is opportunity for more financial technology accelerators to be established to drive innovation and collaboration between retailers and financial institutions.
3. Mobile Financial Services - There is potential for mobile financial services to disrupt traditional banking services, and for businesses to capitalize on this trend by offering user-friendly mobile interfaces.
Industry Implications
1. Retail - Retailers such as Walmart can collaborate with financial institutions to create innovative financial technology solutions that appeal to consumers.
2. Financial Services - Financial service providers such as Green Dot can collaborate with retailers to create innovative financial technology solutions that appeal to consumers.
3. Mobile Technology - Mobile technology providers can work with financial institutions and retailers to develop user-friendly mobile interfaces for financial technology solutions that appeal to consumers.